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INVESTOR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class Action Lawsuit Against Athira Pharma, Inc.

NEW YORK, July 06, 2021 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Western District of Washington on behalf of those who acquired Athira Pharma, Inc. (“Athira” or the “Company”) (NASDAQ: ATHA) securities from September 18, 2020 through June 17, 2021, inclusive (the “Class Period”). Investors have until August 24, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

In September 2020, the Company closed its initial public offering, in which the Company sold and issued 12,000,000 shares of common stock at a price to the public of $17.00 per share. In January 2021, the Company completed a follow-on public offering of its common stock. As part of the follow-on offering, the Company issued and sold 4,000,000 shares of its common stock at a public offering price of $22.50 per share.

On June 17, 2021, Athira issued a press release announcing that the Company’s Chief Operating Officer had “assumed day-to-day leadership responsibilities for the Company, effective immediately.” The Company further disclosed that the Board of Directors placed the President and Chief Executive Officer Leen Kawas (“Kawas”), “on temporary leave pending a review of actions stemming from doctoral research [the CEO] conducted while at Washington State University.” The Company also disclosed that the “Board has formed an independent special committee to undertake this review.” On this news, Athira’s share price declined by $7.09 per share, or approximately 38.9%, from $18.24 per share to close at $11.15 per share on June 18, 2021.

The lawsuit alleges that Defendants made materially false and misleading statements and omitted to material adverse facts regarding the Company’s business. Specifically, Defendants failed to disclose to investors: (1) that the research conducted by Kawas, which formed the foundation for Athira’s product candidates and intellectual property, was tainted by Kawas’ scientific misconduct, including the manipulation of key data; and (2) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and omitted material facts necessary in order to make the statements made not misleading.

If you purchased or otherwise acquired Athira securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod ofKirby McInerney LLP at 212-371-6600, by email at [email protected], or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.


Kirby McInerney LLP
 is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website:http://www.kmllp.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-371-6600
https://www.kmllp.com
[email protected]



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Aerodrome and Affiliates Announce Final Results of Their Previously Announced Tender Offers for Series B Shares of Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.

PR Newswire

MEXICO CITY, July 6, 2021 /PRNewswire/ — Aerodrome Infrastructure S.à r.l. (“Aerodrome”), along with its affiliates Servicios de Tecnología Aeroportuaria, S.A. de C.V. (“SETA”), Bagual S.à r.l. (“Bagual”), Grenadier S.à r.l. (“Grenadier”), Pequod S.à r.l. (“Pequod”), Harpoon S.à r.l. (“Harpoon”), Expanse S.à r.l. (“Expanse”), Fintech Holdings Inc. (“FH”), and David Martínez (“Mr. Martínez” and, together with Aerodrome, SETA, Bagual, Grenadier, Pequod, Harpoon, Expanse and FH, the “Offerors”), announced today the final results of their previously announced cash tender offer in the U.S. (the “U.S. Offer”) for up to 60,155,201 (1) outstanding Series B ordinary shares, without par value (the “Series B Shares”) of Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (“OMA”), a publicly traded corporation organized under the laws of Mexico, held by U.S. persons, and (2) Series B Shares represented by outstanding American depositary shares (whether held or not by U.S. persons) (each representing eight Series B Shares) (the “ADSs” and, together with the Series B Shares, the “Securities”).  The U.S. Offer was made in conjunction with an offer by Aerodrome in Mexico directed to holders of Series B Shares, but not holders of ADSs (the “Mexican Offer,” and together with the U.S. Offer, the “Offers”).

The Offers expired at 8:00 a.m., New York City time, on June 30, 2021 (the “Expiration Date”).

American Stock Transfer & Trust Company, LLC, the ADS receiving agent for the U.S. Offer, and J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P. Morgan Grupo Financiero, the Series B Shares receiving agent for the Offers, have advised the Offerors that as of 8:00 a.m., New York City time on the Expiration Date, a total of 1,579,317 ADSs, representing 12,634,536 Series B Shares, and 90,217,248 Series B Shares, were validly tendered and not withdrawn. 

Because the purchase of all Securities tendered in the Offers would cause the Offerors to purchase an aggregate amount of Series B Shares, including Series B Shares represented by ADSs, that would exceed the total number of Series B Shares, including Series B Shares represented by ADSs, that the Offerors have offered to purchase pursuant to the Offers, the Offerors have accepted and will purchase 923,703 ADSs, representing 7,389,624 Series B Shares, and 52,765,577 Series B Shares, based on a proration factor of approximately 58.49%.  Any tendered Securities that have not been accepted for purchase will be returned or credited without expense to the holder’s account.

The offer prices payable by Aerodrome will be Ps.137 per Series B Share and Ps.1,096 per ADS, for a total of approximately Ps.8,241 million.  The offer price for Series B Shares accepted in the Offers will be settled in Mexican pesos and will be paid through S.D. Indeval Institución para el Depósito de Valores, S.A. de C.V. (“Indeval”), the Mexican securities clearing system, and participants in Indeval.  The offer price for ADSs accepted in the U.S. Offer will be paid in U.S. dollars and will be paid to American Stock Transfer & Trust Company, LLC, as ADS receiving agent, in U.S. dollars, based on the U.S. dollar / Mexican peso spot market rate available to the ADS receiving agent on the Payment Date.

In accordance with the terms of the Offers, payment for Securities validly tendered and accepted for purchase in the Offers is expected to occur on July 9, 2021 (the “Payment Date”). Upon the settlement of the Offers, taking into account the Series B Shares currently owned by SETA, the Offerors will own, directly or indirectly, 30.1% of OMA’s outstanding capital stock.

All conditions described in the U.S. Offer to Purchase that were to be satisfied or waived on or prior to the Expiration Date, were satisfied or waived on or prior to the Expiration Date.

The U.S. Offer was made upon the terms and subject to the conditions set forth in the U.S. offer to purchase, dated May 24, 2021 (as amended and restated, the “U.S. Offer to Purchase”), and the related ADS letter of transmittal, the Series B acceptance letter and related documents filed by the Offerors with the Securities and Exchange Commission (the “U.S. Tender Offer Materials”).

This press release is for informational purposes only and does not constitute an offer to buy or a solicitation of an offer to sell any securities of OMA. Complete terms and conditions of the U.S. Offer are set forth in the U.S. Offer to Purchase and the other U.S. Tender Offer Materials.  This announcement is not for publication, release or distribution in or into or from any jurisdiction where it would otherwise be prohibited.

D.F. King & Co., Inc. acted as the U.S. information agent for the U.S. Offer. The U.S. information agent may be contacted at, for bankers and brokers call collect: (212) 269 5550, all others call toll free: (800) 488-8035, email: [email protected].

The ADS receiving agent for the U.S. Offer was American Stock Transfer & Trust Company, LLC. The ADS receiving agent may be contacted at: (877) 248-6417 or (718) 921-8317, fax (718) 234-5001. The Series B receiving agent for the U.S. Offer was J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P. Morgan Grupo Financiero. The Series B receiving agent may be contacted at: +(52 55) 5540-9317.

Forward-Looking Statements

This announcement contains forward-looking statements.  Forward-looking statements are information of a non-historical nature or which relate to future events and are subject to risks and uncertainties.  No assurance can be given that the transactions described herein will be consummated or as to the ultimate terms of any such transactions.  The Offerors undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.

Media Contact:


D.F. King & Co., Inc.

48 Wall Street, 22nd Floor, New York, NY 10005

Attention: Geoffrey Weinberg

(917) 473-2984

Bankers and Brokers Call Collect: (212) 269–5550

All Others Call Toll–Free: (800) 488-8035

Email: [email protected]

 

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SOURCE Aerodrome Infrastructure S.à r.l

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Real-Time Payments Now as Popular as Cash in Southeast Asia as Pandemic Accelerates Digitization of Payments, New ACI Worldwide Research Reveals

Real-Time Payments Now as Popular as Cash in Southeast Asia as Pandemic Accelerates Digitization of Payments, New ACI Worldwide Research Reveals

  • Three in five (61%) consumers in Southeast Asia select real-time payments – such as DuitNow (Malaysia), PayNow (Singapore) and PromptPay (Thailand) –as a preferred way to pay in 2021, equal to cash (61%)
  • Strong consumer demand for real-time payments demonstrates urgent need for payments modernization across Southeast Asia and heralds the emergence of a regional cross-border, real-time payments ecosystem

MIAMI & SINGAPORE–(BUSINESS WIRE)–
Real-time payments are now as popular as cash as a payment method for consumers in Southeast Asia, according to new research from ACI Worldwide (NASDAQ: ACIW) and YouGov. Three out of five consumers (61%) in Indonesia, Malaysia, Thailand and Singapore prefer real-time payments as a favored way to pay in 2021, level with cash (61%) and higher than other payment categories, including digital wallets requiring cash or card top-ups (56%) and credit cards (30%).

This shift towards real-time payments has been dramatically accelerated by changing payment necessities and preferences caused by the COVID-19 pandemic. Almost a third (30%) of consumers in Southeast Asia have reduced usage of traditional payment methods such as cash, credit cards and debit cards since the onset of COVID-19. As a result, over half (53%) are now using real-time payments more frequently than they were prior to the pandemic.

Due to rapid technological change, consumers now expect mobile-first and real-time experiences — however, payments have often lagged. The development of real-time payment systems enables consumers, merchants and financial institutions to pay friends and customers, settle bills, and transfer money instantaneously. While cash has always represented an “immediate” mode of payment, the advent of real-time payment rails brings this concept into the digital age with faster settlement periods, notifications and consolidated reporting.

“This fundamental shift in consumer demand and payment expectations sets forth a challenge for Southeast Asia’s banks, financial institutions and merchants,” said Leslie Choo, managing director – Asia, ACI Worldwide. “These organizations can ill-afford to put their modernization projects on hold, despite the challenges caused by COVID-19. On the contrary, they can drive growth by joining the region’s emerging real-time payments ecosystem, which will improve their ability to innovate and transform while reducing the cost of infrastructure and operations.”

The ACI Worldwide and YouGov study also reveals how consumers across Southeast Asia expect the benefits of using real-time payments in their domestic markets to extend across borders once they begin to travel internationally again, as well as when they shop cross border. For future international travel, consumers have elevated expectations for the transparency, safety and convenience of their payments when compared to their travel experiences pre-COVID-19:

  • More than half (54%) of consumers in Southeast Asia who have travelled internationally in the past expect their usage of real-time payments to increase when they next travel.
  • 70 percent say the ability to use their preferred payment methods while travelling will be more important now. As a result, a quarter (26%) expect their usage of traditional payment methods such as cash to reduce when they next travel.
  • Three quarters (75%) say payment safety and fraud prevention are more important now, while more than two thirds (67%) say transparency of interchange rates is now of greater importance.

While the number of consumers in Southeast Asia who are making international eCommerce purchases has increased over the past year, consumers are looking for further guarantees about payments to encourage them to do so more in the future:

  • Almost a quarter (23%) of consumers are shopping more at merchants based in other Southeast Asia countries since the start of the pandemic, while a similar number (22%) are shopping more in stores outside of Southeast Asia.
  • The most popular factors that encourage these shoppers to purchase products and services more regularly from international sellers are:

    • Reassurance that payment and personal data are safely transmitted, secured and stored by international sellers (36%)
    • Ability to pay with preferred domestic payment method (25%)
    • Having a wider range of payment options than is available at present (21%)

“A focus on payments modernization is vital for financial institutions that want to ride the wave of the region’s biggest and most transformative payments trend — the emergence of a cross-border, real-time payments ecosystem,” added Choo. “Unencumbered by legacy payment systems that can impede innovation in mature markets, countries in Southeast Asia can leverage robust domestic central payment infrastructures as the foundations for cross-border real-time payments, which will be a catalyst for growth and trade in the coming years.”

Find out more about consumer real-time payment preferences, and about how financial institutions and merchants in Southeast Asia can become real-time-ready, in the full report: Real-Time Goes Mainstream

Methodology:

The YouGov study was conducted during April 2021 on a nationally representative basis across Indonesia (2,000 consumers), Thailand (2,000 consumers), Singapore (1,000 consumers), and Malaysia (1,000 consumers).

About ACI Worldwide

ACI Worldwide is a global software company that provides mission-critical real-time payment solutions to corporations. Customers use our proven, scalable and secure solutions to process and manage digital payments, enable omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with local presence to drive the real-time digital transformation of payments and commerce.

© Copyright ACI Worldwide, Inc. 2021

ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties’ trademarks referenced are the property of their respective owners.

Dan Ring

[email protected]

+1 781-370-3600

Christopher Taine

[email protected]

+49 8945230128

KEYWORDS: Singapore United States North America Asia Pacific Florida

INDUSTRY KEYWORDS: Data Management Other Retail Banking Online Retail Technology Professional Services Retail Software Networks Mobile/Wireless Finance

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INVESTOR ALERT: Kirby McInerney LLP Announces an Investigation of Shareholder Claims Against DiDi Global Inc.

INVESTOR ALERT: Kirby McInerney LLP Announces an Investigation of Shareholder Claims Against DiDi Global Inc.

NEW YORK–(BUSINESS WIRE)–
The law firm of Kirby McInerney LLP is investigating potential claims against DiDi Global Inc. (“DiDi” or the “Company”) (NYSE: DIDI). The investigation concerns whether DiDi has violated the federal securities laws and/or engaged in other unlawful business practices.

On or about June 30, 2021, DiDi sold about 317 million shares of stock in its initial public stock offering (the “IPO”) at around $14 per ADS, raising nearly $4.5 billion in new capital.

On July 2, 2021, the Cyberspace Administration of China announced that it had launched an investigation into DiDi to protect national security and the public interest. It also reported that it had asked DiDi stop new user registrations during the course of the investigation. On this news, the Company’s ADS declined by $0.87 per ADS, or approximately 5.3%, from $16.40 per ADS on July 1, 2021 to close at $15.53 per ADS on July 2, 2021, thereby injuring investors.

Then, on July 5, 2021, The Wall Street Journal reported that Chinese regulators asked the Company as early as three months ago to delay the IPO because of national security concerns and to “conduct a thorough self-examination of its network security.” On this news, the Company’s ADS declined by $3.04 per ADS, or approximately 19.6%, from $15.53 per ADS on July 2, 2021, to close at $12.49 per ADS on July 6, 2021, which is approximately 11% below the IPO price.

If you purchased or otherwise acquired DiDi securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at [email protected], or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kirby McInerney LLP

Thomas W. Elrod, Esq.

212-371-6600

https://www.kmllp.com

[email protected]

KEYWORDS: United States North America California New York

INDUSTRY KEYWORDS: Legal Professional Services

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Ellington Financial Inc. Announces Pricing of Common Stock Offering

Ellington Financial Inc. Announces Pricing of Common Stock Offering

OLD GREENWICH, Conn.–(BUSINESS WIRE)–
Ellington Financial Inc. (NYSE: EFC) (“Ellington Financial” or the “Company”) announced today that it has priced an underwritten public offering of 6,000,000 shares of common stock at a price to the public of $18.22 per share. The Company has granted the underwriters an option for 30 days to purchase up to an additional 900,000 shares of common stock. The offering is subject to customary closing conditions and is expected to close on July 9, 2021. Morgan Stanley & Co. LLC, UBS Securities LLC, BofA Securities, Inc., JMP Securities LLC and Keefe Bruyette & Woods, Inc., A Stifel Company are acting as joint book-running managers for the offering. BTIG, LLC and Piper Sandler & Co. are acting as co-managers for the offering.

The Company expects to use the net proceeds of the offering to acquire its targeted assets. The Company may also use the net proceeds for working capital and general corporate purposes.

The shares of common stock will be issued under the Company’s existing shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission on April 9, 2021. The offering is being made only by means of a prospectus supplement and accompanying base prospectus, which will be filed with the Securities and Exchange Commission. Copies of the final prospectus supplement and accompanying base prospectus related to the offering may be obtained from Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, New York 10019, or by telephone at (888) 827-7275; or BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department; JMP Securities LLC, 600 Montgomery Street, Suite 1100, San Francisco, California 94111, Attention: Prospectus Department, by calling +1 (415) 835-8985; or Keefe, Bruyette & Woods, Inc., A Stifel Company at 787 Seventh Avenue, Fourth Floor, New York, NY 10019, by fax at 212-581-1592, or by calling 1-800-966-1559.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the offered shares or any other securities, nor shall there be any sale of such shares or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Ellington Financial

Ellington Financial invests in a diverse array of financial assets, including residential and commercial mortgage loans, residential and commercial mortgage-backed securities, consumer loans and asset-backed securities backed by consumer loans, collateralized loan obligations, non-mortgage and mortgage-related derivatives, equity investments in loan origination companies, and other strategic investments. Ellington Financial is externally managed and advised by Ellington Financial Management LLC, an affiliate of Ellington Management Group, L.L.C.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Actual results may differ from the Company’s beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “continue,” “intend,” “should,” “would,” “could,” “goal,” “objective,” “will,” “may,” “seek,” or similar expressions or their negative forms, or by references to strategy, plans, or intentions. Examples of forward-looking statements in this press release include, without limitation, statements regarding the completion of the Company’s offering of shares of common stock and the anticipated use of proceeds. The Company’s results can fluctuate from month to month and from quarter to quarter depending on a variety of factors, some of which are beyond the Company’s control and/or are difficult to predict, including, without limitation, changes in interest rates and the market value of the Company’s investments, changes in mortgage default rates and prepayment rates, the Company’s ability to borrow to finance its assets, changes in government regulations affecting the Company’s business, the Company’s ability to maintain its exclusion from registration under the Investment Company Act of 1940, the Company’s ability to maintain its qualification as a real estate investment trust, or “REIT,” other changes in market conditions and economic trends, and changes resulting from the economic effects related to the COVID-19 pandemic and associated responses to the pandemic. Due to known and unknown risks, including the risk that the assumptions on which the forward-looking statements are based prove to be inaccurate, actual results may differ materially from expectations or projections. No assurance can be given that the offering discussed above will be completed on the terms described or at all, or that the net proceeds of the offering will be used as indicated. Completion of the offering on the terms described, and the application of the net proceeds of the offering, are subject to numerous possible events, factors, risks and uncertainties, including, among other things, those described under Item 1A of the Company’s Annual Report on Form 10-K filed on March 16, 2021, as amended, which can be accessed through the SEC’s website (www.sec.gov). Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected or implied may be described from time to time in reports that the Company files with the SEC, including reports on Forms 10-Q, 10-K and 8-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Investors:

Ellington Financial Inc.

JR Herlihy

(203) 409-3575

[email protected]

KEYWORDS: United States North America Connecticut

INDUSTRY KEYWORDS: Professional Services Other Construction & Property Finance Construction & Property Consulting Banking

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Key Tronic Corporation Announces Results For the Third Quarter of Fiscal Year 2021 and New Program Win

SPOKANE VALLEY, Wash., July 06, 2021 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced its results for the quarter ended April 3, 2021. Reporting the results for the third quarter of fiscal 2021 was delayed until the Audit Committee of the Company’s Board of Directors completed its previously announced internal investigation.

For the third quarter of fiscal year 2021, Key Tronic reported revenue of approximately $134.6 million, up 21% from $111.5 million in the same period of fiscal year 2020. Customer demand has remained strong and new and existing customers have increased their backlog. In the third quarter, customer demand exceeded $150 million; the highest in the Company’s history. For the first nine months of fiscal year 2021, total revenue was $386.1 million, up 16% from $333.5 million in the same period of fiscal year 2020.

At the same time, results for the third quarter of fiscal year 2021 were constrained by the following: a tightening worldwide supply chain and transportation and logistics issues which delayed the arrival of key components; causing both factory downtime and overtime expenses; legal expenses related to the previously disclosed internal investigation of approximately $0.7 million; a four-day closure of our Mexico facilities during a late winter storm that caused power disruptions in the region; and continued but lessening expenses related to COVID-19.

For the third quarter of fiscal year 2021, net income was $0.9 million or $0.08 per share, comparable to the same period of fiscal year 2020. The lower than anticipated earnings for the third quarter of fiscal 2021 are primarily a result of a tax true up of federal research and development credits of $0.4 million. For the first nine months of fiscal year 2021, net income was $4.2 million or $0.38 per share, up from $3.3 million or $0.30 per share for the same period of fiscal year 2020.

During the third quarter, the Company was awarded a customer program to build consumer products that could provide up to $30 million or more in annual revenue when it reaches full production. This new program is expected to commence production in the latter half of fiscal year 2022, and is another example of a customer onshoring an existing program to manage logistic risk. The production process is highly automated and involves a high level of partnership with the customer to build out the production equipment in the coming months. In support of the new program, Key Tronic expanded its facility footprint at its Juarez, Mexico campus by leasing an additional contiguous building of 145,000 square feet.

“We’re pleased with the successful launch of new programs, and our rebounding and increasing customer demand in fiscal 2021,” said Craig Gates, President and Chief Executive Officer. “We are currently ramping a number of new programs and, while production has been hindered by limited supply of key components, we are extremely encouraged by both new customer and new program wins.”

“Moving into fiscal 2022, the COVID-19 crisis, component shortages and logistic delays continue to present macroeconomic along with multiple business challenges, but we continue to see the favorable trend of contract manufacturing returning to North America. We are excited to expand our Mexico operations with new program awards, and also to see our domestic sites benefiting from customers’ onshoring initiatives. We expect continued strong revenue growth in the coming quarters and continue to invest in new capacity to prepare for long-term growth.”

Business Outlook

For the fourth quarter of fiscal 2021, Key Tronic expects to report revenue in the range of $120 million to $125 million, as delays in the supply of key components for the Company’s business continue to significantly limit production. As a result of additional legal and internal review costs associated with the internal investigation, we expect that earnings for the fourth quarter of fiscal 2021 will be below the previous guidance range provided on May 4, 2021, but updated guidance for earnings is not available at this time. We expect to release final results for the fourth quarter in the coming weeks.

Conference Call

As a result of the delay in reporting the results for the third quarter of fiscal 2021, the Company expects to host a conference call in August to discuss both its third quarter and fourth quarter results for fiscal 2021.

About Key Tronic

Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com.

Forward-Looking Statements

Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to those including such words as aims, anticipates, believes, continues, could, estimates, expects, hopes, intends, plans, predicts, projects, targets, or will, similar verbs, or nouns corresponding to such verbs, which may be forward looking. Forward-looking statements also include other passages that are relevant to expected future events, performances, and actions or that can only be fully evaluated by events that will occur in the future. Forward-looking statements in this press release include, without limitation, the Company’s statements regarding its expectations with respect to financial conditions and results, including revenue, earnings, legal and internal review expenses and further costs during fourth quarter of fiscal 2021; expenses related to, and estimated recovery from, the COVID-19 health pandemic; demand from new and existing customers; and key components supply and other supply chain and transportation and logistics issues. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: risks relating to the internal investigation by the Audit Committee, including legal and internal review costs, the risk of legal proceedings or government investigations relating to the subject of the internal investigation or related matters; the future of the global economic environment and its impact on our customers and suppliers, particularly during the COVID-19 health crisis; the availability of components from the supply chain; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; timing and effectiveness of ramping of new programs; success of new-product introductions; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks including those related to COVID-19 response; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.


KEY TRONIC CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)

  Three Months Ended   Nine Months Ended
  April 3, 2021   March 28, 2020   April 3, 2021   March 28, 2020
Net sales $ 134,600     $ 111,455     $ 386,069     $ 333,462  
Cost of sales 123,504     102,207     354,336     306,819  
Gross profit 11,096     9,248     31,733     26,643  
Research, development and engineering expenses 2,655     1,749     7,292     5,129  
Selling, general and administrative expenses 5,865     5,735     16,349     15,713  
Total operating expenses 8,520     7,484     23,641     20,842  
Operating income 2,576     1,764     8,092     5,801  
Interest expense, net 1,020     754     2,549     1,988  
Income before income taxes 1,556     1,010     5,543     3,813  
Income tax provision 689     100     1,377     527  
Net income $ 867     $ 910     $ 4,166     $ 3,286  
Net income per share — Basic $ 0.08     $ 0.08     $ 0.39     $ 0.31  
Weighted average shares outstanding — Basic 10,760     10,760     10,760     10,760  
Net income per share — Diluted $ 0.08     $ 0.08     $ 0.38     $ 0.30  
Weighted average shares outstanding — Diluted 11,429     10,885     11,040     10,813  
                       


KEY TRONIC CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

  April 3, 2021   June 27, 2020
ASSETS      
Current assets:      
Cash and cash equivalents $ 1,281     $ 553  
Trade receivables, net of allowance for doubtful accounts of $247 and $609 112,914     86,123  
Contract assets 19,435     23,753  
Inventories, net 130,396     115,020  
Other 19,750     17,315  
Total current assets 283,776     242,764  
Property, plant and equipment, net 36,622     31,764  
Operating lease right-of-use assets, net 16,869     17,568  
Other assets:      
Deferred income tax asset 8,258     10,178  
Other 1,415     2,587  
Total other assets 9,673     12,765  
Total assets $ 346,940     $ 304,861  
LIABILITIES AND SHAREHOLDERS’ EQUITY      
Current liabilities:      
Accounts payable $ 83,133     $ 80,204  
Accrued compensation and vacation 9,361     10,428  
Current portion of debt, net 1,706     7,508  
Other 18,110     14,079  
Total current liabilities 112,310     112,219  
Long-term liabilities:      
Term loans 8,771     3,258  
Revolving loan 89,439     60,094  
Operating lease liabilities 11,761     12,624  
Deferred income tax liability 153     234  
Other long-term obligations 1,046     875  
Total long-term liabilities 111,170     77,085  
Total liabilities 223,480     189,304  
Shareholders’ equity:      
Common stock, no par value—shares authorized 25,000; issued and outstanding 10,761 and 10,760 shares, respectively 47,121     46,946  
Retained earnings 74,277     70,111  
Accumulated other comprehensive income (loss) 2,062     (1,500 )
Total shareholders’ equity 123,460     115,557  
Total liabilities and shareholders’ equity $ 346,940     $ 304,861  
               

CONTACTS:       Brett Larsen
Chief Financial Officer
Key Tronic Corporation
(509) 927-5500		                             Michael Newman
Investor Relations
StreetConnect
(206) 729-3625
         



Posted on

Itaú Corpbanca Schedules Second Quarter 2021 Financial Results, Conference Call and Webcast

SANTIAGO, Chile, July 06, 2021 (GLOBE NEWSWIRE) — ITAÚ CORPBANCA (NYSE: ITCB; SSE: ITAUCORP) announced today that it will release its results for the second quarter ended June 30, 2021, before the market opens in Santiago and in New York on Friday, July 30, 2021.

On Monday, August 2, 2021, at 11:00 A.M. Santiago time (11:00 A.M. ET), the Company’s management team will host a conference call to discuss the financial results. The call will be hosted by Gabriel Moura, Itaú Corpbanca’s Chief Executive Officer, Rodrigo Couto, Itaú Corpbanca’s Chief Financial Officer and Claudia Labbé, Itaú Corpbanca’s Head of Investor Relations.

Conference Call Details:

Online registration: http://www.directeventreg.com/registration/event/1980768

Phone registration: +1 (800) 585-8367 or +1 (416) 621-4642

Upon registering, each participant will be provided with call details and a registrant ID used to track attendance on the conference call (Access Code: 1980768#). Reminders will also be sent to registered participants via email. Please provide this registration information to those participants that you would like to attend your conference call.

Telephone and Virtual Q&A session:

Telephone Q&A session will be available as well as written Q&A through a box on the console, where attendees can type in their questions. We will read and answer selected questions verbally.

Slides and Audio Webcast:

There will also be a live, and then archived, webcast of the conference call, available through the Company’s website. Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. The webcast can be found at:

https://event.on24.com/wcc/r/3190605/DC0B3B48B840850B2484628E038A56F3

Webcast will be available on-demand via the same address as the live event afterwards.

About Itaú Corpbanca

ITAÚ CORPBANCA (NYSE: ITCB; SSE: ITAUCORP) is the entity resulting from the merger of Banco Itaú Chile with and into Corpbanca on April 1, 2016. The current ownership structure is: 39.22% owned by Itaú Unibanco, 27.16% owned by the Saieh Family and 33.29% owned by minority shareholders. Itaú Unibanco is the sole controlling shareholder of the merged bank. Within this context and without limiting the above, Itaú Unibanco and CorpGroup have signed a shareholders’ agreement relating to corporate governance, dividend policy (based on performance and capital metrics), transfer of shares, liquidity and other matters.

The bank is the fifth largest private bank in Chile and as per its mandate is the banking platform for future expansion in Latin America, specifically in Chile, Colombia and Peru. Itaú Corpbanca is a commercial bank based in Chile with additional operations in Colombia and Panama. In addition, Itaú Corpbanca has a branch in New York and a representative office in Lima. Focused on large and medium sized companies and individuals, Itaú Corpbanca offers universal banking products. In 2012, the bank initiated a regionalization process and as of the date hereof has acquired two banks in Colombia ‒Banco Corpbanca Colombia and Helm Bank‒ becoming the first Chilean bank with banking subsidiaries abroad. The merger with Banco Itaú Chile and the business combination of our two banks in Colombia, represent the continued success of our regionalization process.

As of May 31, 2021, according to the Chilean Financial Market Commission, Itaú Corpbanca was the fifth largest private bank in Chile in terms of the overall size of its customer loan portfolio, equivalent to 9.8% market share. As the same date, according to the Colombian Superintendency of Finance, Itaú Corpbanca Colombia was the eighth largest bank in Colombia in terms of total loans and tenth in terms of total deposits, as reported under local regulatory and accounting principles. As of April 30, 2020, its market share by loans reached 4.0%.

Investor Relations – Itaú Corpbanca
+56 (2) 2660-1701 / [email protected] / ir.itau.cl



Posted on

AES Announces More Than 1 GW of Coal Retirements in Chile

Action Demonstrates Continued Progress in Company’s Overall Decarbonization Plan and Commitment to Chile’s Responsible Green Energy Transition

PR Newswire

ARLINGTON, Va., July 6, 2021 /PRNewswire/ — The AES Corporation (NYSE: AES) today signed an agreement with the Government of Chile, represented by Chile’s President Sebastián Piñera, together with Minister of Mines and Energy Juan Carlos Jobet and Minister of the Environment Carolina Schmidt, allowing for the closure of 1,097 MW of coal generation as soon as 2025. Signed at the Moneda Palace in Santiago, this agreement represents the single largest coal retirement announcement by any power company in Chile to date and includes roughly 20% of the country’s installed coal capacity. Under the terms of the voluntary retirement plan, AES will retire the units as soon as January 2025, subject to the requirements of the power grid.

This is a step forward in AES’ strategic decarbonization plan, which is coupled with the rapid deployment of renewables.

“The retirement of these conventional assets will remove approximately 6 million tons of CO2 from the atmosphere, the equivalent of taking over 2.4 million cars off the streets of Chile,” said Andrés Gluski, AES President and CEO. “Our purpose is to accelerate the future of energy, and AES Andes is a great example of how we have committed to responsibly decarbonize the Chilean electricity sector, working constructively with the authorities and our customers.”  

This announcement represents another important step forward in AES’ strategic decarbonization plan, which includes both the sale and retirement of coal assets along with rapid expansion in the deployment of renewables. This agreement complements AES’ plan to invest $3 billion to build 2.3 GW of renewables and energy storage through 2024 in Chile and Colombia. 

Globally, AES has announced the sale or retirement of almost 12 GW of coal capacity.  Earlier this year, AES announced a target to reduce its generation from coal to below 10% on a pro-forma basis1 by year-end 2025 and set a new goal to reach net-zero emissions from electricity sales by 2040. Today’s announcement is consistent with the company’s long-term plan and will have no impact on its 2021 guidance or expectations through 2025. Accordingly, the company is reaffirming its 7% to 9% average annual growth rate target through 2025, from a base year of 2020.

About AES 

The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we’re improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit www.aes.com.  

Safe Harbor Disclosure

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES’ current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our expectations regarding the COVID-19 pandemic, accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as the execution of PPAs, conversion of our backlog and growth investments at normalized investment levels and rates of return consistent with prior experience.

Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES’ filings with the Securities and Exchange Commission (the “SEC”), including, but not limited to, the risks discussed under Item 1A: “Risk Factors” and Item 7: “Management’s Discussion & Analysis” in AES’ 2020 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES’ filings to learn more about the risk factors associated with AES’ business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Any Stockholder who desires a copy of the Company’s 2020 Annual Report on Form 10-K filed February 25, 2021 with the SEC may obtain a copy (excluding Exhibits) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Form 10-K may be obtained by visiting the Company’s website at www.aes.com.

1 Based on annual generation in MWh from the portfolio as of, or expected by, the relevant date, adjusted for: (i) (+) generation from new assets added to the portfolio; and (ii) (-) actual generation from announced asset sales or retirements.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/aes-announces-more-than-1-gw-of-coal-retirements-in-chile-301326462.html

SOURCE The AES Corporation

Posted on

Welbilt Board Determines That Revised Proposal From Ali Group Is a “Company Superior Proposal”

Welbilt Board Determines That Revised Proposal From Ali Group Is a “Company Superior Proposal”

NEW PORT RICHEY, Fla.–(BUSINESS WIRE)–
Welbilt (NYSE:WBT) today announced that the Welbilt Board of Directors, in consultation with its legal and financial advisors, has determined that the revised unsolicited proposal (the “Revised Unsolicited Proposal”) from Ali Holding S.r.l. constitutes a “Company Superior Proposal”, as defined in Welbilt’s previously announced merger agreement with The Middleby Corporation (NASDAQ:MIDD). Under the terms of the Revised Unsolicited Proposal, Ali Group would acquire all of the outstanding shares of Welbilt common stock for $24 per share in cash, an increase from the previously disclosed $23 per share cash proposal made by Ali Group on May 25, 2021, which implies an enterprise value of approximately $4.8 billion. The proposal is binding on Ali Group and may be accepted by Welbilt prior to July 14, 2021. Closing of the transaction would be subject to approval by the stockholders of Welbilt, receipt of other regulatory approvals and other customary closing conditions.

Welbilt has notified Middleby that it intends to terminate Middleby’s merger agreement with Welbilt and enter into a definitive merger agreement with Ali Group, subject to Middleby’s right to negotiate amendments to the merger agreement for five business days and the Welbilt Board’s further determination as to whether any such amendments would cause the Ali Group proposal to no longer constitute a “Company Superior Proposal.”

Morgan Stanley & Co. LLC is serving as financial advisor to Welbilt. Gibson, Dunn & Crutcher LLP is serving as legal counsel.

About Welbilt, Inc.

Welbilt, Inc. provides the world’s top chefs, premier chain operators and growing independents with industry-leading equipment and solutions. Our innovative products and solutions are powered by our deep knowledge, operator insights, and culinary expertise. Our portfolio of award-winning product brands includes Cleveland™, Convotherm®, Crem®, Delfield®, Frymaster®, Garland®, Kolpak®, Lincoln®, Manitowoc® Ice, Merco®, Merrychef® and Multiplex®. These product brands are supported by three service brands: KitchenCare®, our aftermarket parts and service brand, FitKitchen®, our fully-integrated kitchen systems brand, and KitchenConnect®, our cloud-based digital platform brand. Headquartered in the Tampa Bay region of Florida and operating 19 manufacturing facilities throughout the Americas, Europe and Asia, we sell through a global network of over 5,000 distributors, dealers, buying groups and manufacturers’ representatives in over 100 countries. We have approximately 4,500 employees and generated sales of $1.2 billion in 2020. For more information, visit www.welbilt.com.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act. Such forward-looking statements, including those regarding the timing and consummation of the transactions described herein, involve risks and uncertainties, including, but are not limited to, the following factors: the risk that the conditions to the closing of any transaction are not satisfied, including the risk that required approvals of any transaction from the stockholders of Welbilt or from regulators are not obtained; litigation relating to any transaction; and uncertainties as to the timing of the consummation of a transaction and the ability of any party to consummate the transaction. Other factors that might cause such a difference include those discussed in Welbilt’s filings with the SEC, which include its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and in the joint proxy statement/prospectus on Form S-4 filed in connection with the Middleby transaction. For more information, see the section entitled “Risk Factors” and the forward looking statements disclosure contained in Welbilt’s Annual Reports on Form 10-K and in other filings. The forward-looking statements included in this communication are made only as of the date hereof and, except as required by federal securities laws and rules and regulations of the SEC, Welbilt undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Additional Information and Where to Find It

In connection with the Middleby merger agreement, Middleby and Welbilt have filed with the SEC a registration statement on Form S-4 (SEC File No. 333-256653) that includes a joint proxy statement of Middleby and Welbilt that also constitutes a prospectus of Middleby. The registration statement was declared effective by the SEC on June 11, 2021, and the joint proxy statement/prospectus was mailed or otherwise disseminated to shareholders of Middleby and Welbilt. Welbilt has also filed and plans to file other relevant documents with the SEC regarding the proposed transactions. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders can obtain free copies of the joint proxy statement/prospectus and other documents filed with the SEC by Welbilt through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Welbilt will be available free of charge on Welbilt’s website at www.welbilt.com or by contacting Welbilt’s Investor Relations Department by email at [email protected] or by phone at (727) 853-3079.

No Offer or Solicitation

This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

Investors

Rich Sheffer

Vice President Investor Relations, Risk Management and Treasurer

Welbilt, Inc.

+1 (727) 853-3079

[email protected]

Media

David Reno/David Millar

Sard Verbinnen & Co.

[email protected]

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Retail Restaurant/Bar Other Retail Manufacturing Specialty Other Manufacturing Food/Beverage

MEDIA:

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Key Tronic Corporation Announces Completion of Audit Committee Investigation

SPOKANE VALLEY, Wash., July 06, 2021 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC) (the “Company”), a provider of electronic manufacturing services (EMS), today announced that the Audit Committee of the Company’s Board of Directors (the “Audit Committee”) has completed its internal investigation, which was originally announced in February 2021. The Audit Committee, assisted by independent legal counsel and a forensic accounting firm, conducted an investigation related to a notification from an employee regarding potential irregularities of the classification of inventory at a production facility.

The Audit Committee concluded that inventory and cost of goods sold was improperly recorded at its Oakdale, MN production facility during the fourth quarter of fiscal year 2020 and during the first six months of fiscal year 2021. The investigation identified accounting errors resulting in an understatement of cost of goods sold and an overstatement of inventory. Additional inventory accounting errors unrelated to the investigation were also identified by management. These errors were a result of deficiencies in the Company’s internal control over financial reporting. The financial impact of the improper recording of inventory and cost of goods sold and the other accounting errors unrelated to the investigation did not result in a restatement of any audited or unaudited financial statements.

Additionally, the Audit Committee found that certain employee actions regarding the improper recording of inventory and cost of goods sold at the Oakdale facility were inconsistent with the Company’s Code of Conduct and related policies. The Audit Committee referred these findings to the Company, which has taken and is reviewing appropriate actions.

The Audit Committee, the Board of Directors and Company management have proposed certain remedial actions which the Company has adopted or will adopt, including: control design enhancements related to existing controls; the design, implementation, and maintenance of additional controls; systems upgrades; changes in reporting structures; additional training; and enhanced financial and operational oversight at the production facilities in Arkansas, Minnesota and Mississippi.

As previously disclosed, the Company has not filed its Quarterly Reports on Form 10-Q for the quarters ended December 26, 2020 and April 3, 2021 (the “Quarterly Reports”) on a timely basis pending the completion of the internal investigation. As the internal investigation and subsequent accounting review have now concluded, the Company is filing both Quarterly Reports today. These reports will be available on the SEC website at market open tomorrow.

Also as previously announced, the Company continues to cooperate with the Securities and Exchange Commission (the “SEC”) regarding this matter.

About Key Tronic

Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com.

Forward-Looking Statements

Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, those including such words as anticipates, continues, expects, will, intends, similar verbs, or nouns corresponding to such verbs, which may be forward looking. Forward-looking statements also include other passages that are relevant to expected future events, performances, and actions or that can only be fully evaluated by events that will occur in the future. Forward-looking statements in this press release include, without limitation, the Company’s statements regarding its ability to file and the timing of any such filing of its Quarterly Reports on Form 10-Q, the Company’s expectations and its and others’ actions with respect to the investigation and related matters, including expected financial conditions and results, and the Company’s intended actions regarding the recommendations and referrals of the Audit Committee, Board of Directors and management. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements including, but not limited to, the findings of the investigation, related actions by the Securities and Exchange Commission (“SEC”), accountants and other third parties, finalization of the Company’s controls review, and factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.

CONTACTS:   Brett Larsen   Michael Newman
    Chief Financial Officer   Investor Relations
    Key Tronic Corporation   StreetConnect
    (509) 927-5500   (206) 729-3625